PortMiami plans to spend a grant from the Trump administration to create a $57 million fumigation facility designed to end a detour that tons of produce currently take on their way from Latin America to Miami grocery stores.
Aided by strong supply, consumer spending and other economic indicators, the North American industrial sector is projected to remain one of the leading commercial real estate product types over the next two years, according to Cushman & Wakefield.
The firm’s forecast for industrial absorption for 2020-2021 is nearly 460 million square feet, as new supply finally surpasses demand. The 2020 North American Industrial Outlook expects supply levels to reach 573.4 million square feet from 2020 to 2021, but notes vacancy will still remain at about 5 percent. It should end 2021 at about 5.2 percent, up 60 basis points from year-end 2019. The report also projects asking rents to increase by 6.8 percent and reach $6.95 per square foot by the end of 2021, up from $6.51 per square foot in 2019.
A Home Depot distribution facility that will total over 1 million square feet has broken ground in Hialeah.
CCP Central South LLC, an affiliate of Miami-based Florida East Coast Industries (FECI), obtained a $98.7 million construction loan from Wells Fargo Bank for the project at 4210 and 4040 W. 108th St. It’s not far from the U.S. 27 interchange of Florida’s Turnpike and the southernmost exit of Interstate 75.